State Economic Development:Albany Model for Buffalo?

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When Governor Cuomo spoke of his pledge to commit at least $1 Billion dollars in economic development aid for the Buffalo area, he also spoke of how the Albany area could serve as a model.

The Capital Region has received state assistance over the past ten to fifteen years according to F. Michael Tucker who is President and CEO of the Center for Economic Growth in Albany. Tucker says much of the aid went to develop the College of Nanoscale Science and Engineering at University at Albany. They conduct high tech research to make machines and systems at the molecular level. There is also a new center under development for research involving a consortium of computer chip makers including Intel.

The state has also encouraged high tech businesses to locate in the capital region with incentives. That includes Global Foundries Inc. which is building a large new plant to produce semiconductors which will employ more than a thousand workers.

Tucker suggests that economic development planners here should be very deliberate in their decisions and make sure they don't focus on just one field or industry because markets can fluctuate. He says they should also realize that it will take years for local economic revitalization. As he puts it "This isn't instant pudding. It takes years of sustained economic development and growth."